UAE's Empower announces $53m prepaid installments
The two installments are part of Empower’s syndicated loan facility of $600m, and the bilateral loan facility of $127.8m
The UAE's district cooling firm, Empower, announced on Wednesday, 19 August, 2015, that it has prepaid two loan installments of $52.8m (AED194m) prior to their maturity.
The two installments are part of Empower’s syndicated loan facility of $600m, and the bilateral loan facility of $127.8m.
Ahmad Bin Shafar, CEO of Empower, said: "We have prepaid the syndicated loan facility installment five months prior its maturity, while the bilateral loan facility installment was paid six months before its scheduled date.
"This reflects the robustness and sustainability of our business model and our prudent financial strategy that is paying off significantly."
Empower prepaid on 30 July, 2015 its syndicated loan installment of $40m (AED147m), which was scheduled to be paid on 31 December, 2015, as per state agency WAM.
The company also settled on 4 August, 2015 an amount of $12.8m (AED47m), representing the bilateral loan installment that was scheduled to be paid on 4 February, 2016.
"Empower continues to pursue the strategy to finance its projects through an optimal mix of debt and equity to maximize return to its shareholders," Bin Shafar added.